Located on the corner of State Street and Water Street, Hotel Elwood was located on the former site of the New London House Hotel which was destroyed by fire in 1888. New London House was built by George Elwood Lutsey Sr. and was owned by George Elwood Lutsey Jr. at the time of the fire.

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Built in 1892 by George Elwood Lutsey Jr., the Elwood Hotel was a prime example of modern architecture. Built for $16,000, the three story hotel was constructed of brick and provide amenities of hot water heat, electricity, two parlors, a reading room, bath, dining room, and fire escapes. 

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Hotel Elwood contained 40 rooms for rent at just $2 a day. Local lumberman, William Hatten boarded there. The hotel was the meeting place for many groups including the Lions, Rotary, Masons, Shriners, and many others. Dinner parties were written about in the paper with the hosts and guests listed as well as any after dinner activities. Employment ads seeking woman for laundry, kitchen, and maid positions were common in the classifieds.

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A 1938 Press Republican article mentioned that Fay R. Smith and his son, Rudd, had taken up temporary residence at Hotel Elwood while his youngest son was confined at home with scarlet fever

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In 1963, Hotel Elwood was razed to build the New London National Bank.